Question

Gross domestic product. The U.S. gross domestic product, in billions of current dollars, may be modelled by the function P(x)=567+x(36x^0.6-104)
where x is the number of years since 1960. (Source: U.S. Bureau for Economic Analysis.) Use to estimate how much the gross domestic product increased from 2009 to 2010.​

Answer 1

Answer:

Gross domestic product, P'(49) = 491.032

Explanation:

Just evaluate P'(49)

Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services.

P(x) = 567+x(36x0.6 -104)

P'(x) = (36x0.6 -104) + x((0.6)(36)x-0.4 )

x  = 2009 -1960 = 49

x  = 49

What is GDP and how it is calculated?

GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). or, expressed in a formula: GDP = C + I + G + (X – M) GDP is usually calculated by the national statistical agency of the country following the international standard.

P'(49) = (36(49)0.6 -104) + (49)((0.6)(36)(49)-0.4 )

P'(49) = (267.895) + (223.137 )

P'(49) = 491.032

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